Helium’s price soars 11% amidst a broad market rally

The price of Helium, a blockchain network developed specifically for the Internet of Things (IoT), has increased by 11 percent in the past day and is currently trading at $4.96.

According to the latest data from Crypto.news, Helium (HNT) currently has a market cap of around $797 million, which puts it at number 88 in the global cryptocurrency market cap rankings. The past week has seen a significant rally in the cryptocurrency, with an increase of more than 40%.

HNT’s trading volume increased by 207% in the last 24 hours, reaching $17.9 million. During this time, its price fluctuated between $4.47 and $5.21.

Founded in 2013 by Helium Inc., Helium facilitates wireless communication for IoT devices worldwide through a decentralized blockchain network. This model allows individuals to host network hotspots via Hotspots, providing a scalable and cost-effective alternative to traditional telecom services.

These devices provide coverage and transmit data for IoT devices, and hosts earn Helium tokens (HNT) in return, which increases the growth and density of the network.

Despite the recent upward movement in HNT’s value, there has been no major announcement from Helium to directly explain the increase. However, the general market rally led by Bitcoin’s 7% increase in the last week may have affected Helium’s performance.

Bitcoin (BTC) was trading at $67,337 on Monday, with its price fluctuating from $66,087 to $68,418 in 24 hours. It attempted to break above the $68,000 threshold over the weekend, but encountered resistance and pared the rise.

Additionally, the total market value of cryptocurrencies increased by 0.5 percent in the last day, reaching $2.45 trillion.